US : 5 things to know before the open – 22 Aug 2016
Here are the five things you need to know before the opening bell rings in New York:
1. Nintendo pop: Shares in Nintendo () got a 3% lift in Japan after its famed character Mario made a high-profile cameo during the Olympics closing ceremony.Mario was shown jumping into a pipe in Japan before popping out in the Rio stadium in the unlikely form of Japanese Prime Minister Shinzo Abe.
Tokyo will host the 2020 Olympics, picking up the baton from Rio. The idea to put Mario center stage in Rio came from the Tokyo organizing committee, said Nintendo spokesman Yasuhiko Minagawa.
While most Asian markets closed on Monday with losses, the Nintendo gain helped lift the Nikkei by 0.3%.
2. Elevation for Medivation: Shares in Medivation () are surging by about 20% premarket based on reports that Pfizer ( ) is considering a takeover of the biopharmaceutical company.
The Financial Times reports that Pfizer could announce the $ 14 billion deal as early as Monday.
Pfizer scrapped a planned $ 150 billion merger with Allergan () earlier this year after the Obama administration issued new rules designed to crack down on corporate tax avoidance.
3. Syngenta surge: ChemChina’s deal to buy the seed and pesticide firm Syngenta () just got the green light from the Committee on Foreign Investment in the United States.
The announcement caused Syngenta stock to surge by about 12% in Europe.
State-owned ChemChina announced earlier this year that it would buy the Swiss firm in a $ 43 billion deal. But the planned acquisition set off alarm bells in the U.S., where Syngenta supplies farmers and runs research and production facilities.
However, it’s not a done deal quite yet. A number of antitrust regulators still have to review the transaction.
4. Stock market overview: There are different moods in different regions around the world.
Asian markets mostly ended in the red Monday, though European markets are broadly positive in early trading.
Looking stateside, U.S. stock futures are holding steady.
5. Weekly market recap: The Dow Jones industrial average, S&P 500 and Nasdaq all hit record setting highs on Monday but then edged back down.
If markets get their mojo back, it’s entirely possible to see stocks punch through to new highs this week.
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